The Center for American Progress also analyzed Trump’s newest economic proposals:
“Trump’s latest idea to replace all income taxes with tariffs is mathematically impossible, but even if it were feasible, it would dramatically increase income inequality and raise taxes for the bottom 90 percent of households. It would raise taxes for middle-income households by $5,100 to $8,300 while cutting taxes for the top 0.1 percent by at least $1.5 million annually.”
“The combination of his 10 percent tax on all imports and a 60 percent tax on all imports from China would raise taxes for a typical family by $2,500 each year. This includes a $260 tax on electronics, $160 tax on clothing, a $120 tax on oil, and $110 tax on food.”
Trump can try to spin his way out of it as much as he wants, but the data speaks for itself. As the Financial Times Editorial Board wrote yesterday, Trump’s “disastrous” policies would:
- “Threaten to undermine basic functions of the US economy”
- “Set to be driven by ‘revenge’—against his enemies, and against the democratic system.”
Let’s not forget, Donald Trump’s presidency was an indisputable disaster for the U.S. economy. He was the worst jobs president in modern American history. He broke promises and failed Americans in states like Wisconsin, Michigan, and Pennsylvania who watched their factories close down and their jobs get shipped overseas under his watch.
Now, heading into the first debate, business leaders and economic experts are raising the alarm about the dire threat of a second Donald Trump presidency for American workers, businesses, and families.
Last week, Donald Trump met with the biggest CEOs in America – it did not go well.
CEOs told reporters Trump was “remarkably meandering,” “could not keep a straight thought,” “was all over the map,” and “doesn’t know what he’s talking about.” Trump was so bad that some CEOs walked out of the meeting with Trump “less predisposed” to support him.
Business leaders like Reid Hoffman and Mark Cuban have warned Trump is a threat to America’s stability, our democracy, and our economic well being.
Trump’s response: Argue that business executives should be “fired” if they don’t “100%” support him, while proposing a ludicrous policy to increase taxes on working families by $8,300 while cutting taxes for the rich.
In Donald Trump’s America, the rich pay less, and working Americans pay more.
Americans have a better choice this November than Donald Trump, a convicted felon who only cares about himself.
Joe Biden is leading America out of the mess Donald Trump left us in.
This is America under President Joe Biden: